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Verizon and Mastercard payment service create solutions for small and medium-sized businesses
The telecommunications company Verizon and Mastercard payment service announced the beginning of cooperation. The partners have decided to join forces to strengthen their position in the 5G contactless payment market. The service will be designed primarily for small and medium-sized businesses, but there will be programs designed for consumers.
The companies plan that their cooperation will make it possible to launch the innovative solution in 2023. The main purpose of Verizon and Mastercard cooperation is the provision of opportunities for companies in the sphere of comfortable and instant payments. For this purpose, the partners want to turn smartphones into full-fledged cash registers. In such a solution, the electronic watch is also modified into a payment system. This simplifies the contactless retail processes seen in Amazon Go stores.
Verizon notes that such a transformation is achievable for large businesses, but it is extremely difficult for smaller firms to do. To simplify processes, Verizon and Mastercard suggest using 5G capabilities. This communication technology allows for instantaneous processing of transactions and a higher level of customer service. This is especially important for small businesses, whose resources are often limited, making it impossible to implement a particular solution. In turn, 5G helps make interaction with customers as efficient and automated as possible. In addition, the popularity of contactless stores continues to grow, despite the fact that the effects of the pandemic have almost been eliminated.
Mastercard and Verizon are collaborating to bring about a massive digitization and reduction of consumer spending, which is seen at various retail outlets, including retail. According to Mastercard, these amounts of consumer spending total more than $50 trillion annually.
The Tech Hub division will be created at Mastercard’s facilities to develop innovative solutions in the contactless payment segment. The specialists will work together in New York to develop new products.
Besides 5G, it is planned to use technologies of Internet of things and mobile edge computing. The applications for retail trade will be developed on their base. The implementation of such solutions will allow cloud computing and a number of online operations, useful for business.
Implementation of innovative technologies allows the consumer to receive a particular service several times faster and safer than with standard processes.
Experts believe that the most promising users of 5G payment technology are small and medium-sized businesses. The increase in transactions and their instant return will allow the company to grow and develop.